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Neenah announces Vectorply acquisition not completed

Neenah announces that it had not closed on its agreement to acquire Vectorply Corporation on April 1 as originally contemplated. Neenah had agreed to acquire Vectorply from MSouth Equity Partners for $155 million in cash.

John O’Donnell, Chief Executive Officer, said:

“Regarding our ongoing business during this challenging time, the health and safety of our employees are paramount and we’ve taken actions across our company to protect them, while also carefully managing costs, capital expenditures and working capital. We exited 2019 with a conservative leverage position and our liquidity today is strong. Our primary near-term focus is the health and welfare of our employees and business, and we feel confident in our ability to weather the current crisis.”

About Neenah
Neenah is a global specialty materials company, focused on premium niche markets that value performance and image. Key products and markets include advanced filtration media, specialized performance substrates used for digital transfer, tape and abrasive backings, labels and other products, and premium printing and packaging papers. The Company is headquartered in Alpharetta, Georgia and its products are sold worldwide from manufacturing operations in the United States, Europe and the United Kingdom.

Companies: Neenah, Inc.

Terms: Business, News Worldwide

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This article has been edited by Basalt.Today
Source
This article has been written on JEC Composites Magazine
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